Deals

Palm Springs, Calif. -- La Jolla, Calif.-based Ramsey Real Estate Group announced that it has acquired a 10,550-sq.-ft. building that is a portion of Palm Springs Marketplace in Palm Springs, Calif.

The acquisition was made by Ramsey Real Estate Group’s The Shops at Palm Springs Marketplace, LP. The firm paid $1.15 million for the property.

Palm Springs Marketplace is a Stater Bros.-anchored community shopping center with a tenant mix of Arco, McDonald’s, Taco Bell, AutoZone, Dollar Tree, Dairy Queen and Kaiser Permanente.

Wilmington, Del. -- Philadelphia-based Michael Salove Co., an X Team partner, said Tuesday it has completed a lease transaction with Aarron’s Furniture Rentals at Christina Crossing, located in Wilmington, Del.

Aarron’s will occupy 6,705 sq. ft. and is slated to open March 2011. Existing tenants include Shop Rite, Wine & Spirits, Cricket Wireless, Hibachi Sushi and Supreme Buffet.

As part of our preview coverage of the upcoming International Council of Shopping Centers’ New York deal-making convention in New York City, Dec. 6 and 7, Chain Store Age talked with Joseph Coradino, president of Pennsylvania Real Estate Investment Trust/PREIT Services, Philadelphia, about retailer attitude and potential deals at the New York convention.

What do you expect the retailer attitude to be at the ICSC New York deal-making show in early December?

New York - Wal-Mart Stores sees more opportunity in emerging markets than in Europe, the company’s International Chief Executive Officer, Doug McMcMillion, told Bloomberg.

“China is top of the list, and Brazil is not far behind” to make deals, McMillon said in an interview on Bloomberg Television’s “InBusiness With Margaret Brennan.” The retailer is being “patient” about finding the right way to expand in Russia, McMillon said.

Washington, D.C. - Douglas Development announced that Mike Isabella, former executive chef at Mediterranean restaurant  Zaytinya, and Bravo’s Top Chef  contestant, has leased 5,000 sq. ft. in a three-level Douglas Development-owned property at 707 6th Street, NW, in Washington, D.C.

Isabella will open a two-level Italian-inspired restaurant, Graffiato, in spring 2011.

North Miami Beach, Fla. - Boca Raton, Fla.-based Woolbright Development announced two new tenants for Intracoastal Mall, a 234,000-sq.-ft. shopping center in North Miami Beach.

Hiro’s Yakko-San will open a 4,438-sq.-ft. Japanese restaurant in December 2010. And Dollar Tree has leased 10,200 sq. ft. and is slated to open a new store in early 2011.

Intracoastal Mall is anchored by TJ Maxx, Old Navy, Winn Dixie and Sunrise Cinemas.

Cincinnati -- Phillips Edison and Co.'s Fund IV announced its acquisition of Marketplace Shopping Center, in Independence, Mo.

The property was purchased from Centro Properties Group and Ingrid Long and Drew Quinn of Grubb & Ellis represented the Seller on the transaction. The 241,682-sq.-ft shopping center is anchored by Price Chopper.